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Topic starter
08/02/2013 11:48 am
Hi all
I've posted here a while ago but will repeat the story so you get the jist:
- entered trust deed with invocas in July 2009 and husband had trust deed too
- made 2 contributions as agreed then husband and I separated in Oct 2009
- I have not contributed to my trust deed since oct 2009 but have filled in regular income sheets as requested
- I bought a car on hire purchase under 3K as advised by invocas which I needed after separation
- I have phoned trust deed admin for invocas many times to ask whats happening and they say that they want to extend it but I have no paperwork to this end
- I wanted to settle equity in my home and invocas had property valued at 125K - I couldnt afford to pay equity so handed keys back to mortgage company. turns out that the house sold for 72K recently. I moved house and I'm now renting with my 2 children (one of which has a disability)
- the car i had on hire purchase had several faults eg. driver door wouldnt open, rusted chasis etc. I had the car reposessed and my family purchased another car for me
- I let invocas know about the car situation and they said since i owed less than 3K, they would have no interest in it
- I communicated same income forms etc with car finance company and I owe them £2200
- I am onto my 3rd round of PPI claim forms sent out on behalf of invocas by equity in finance
- I did get one letter in Nov 2012 from trustee stating that I would be discharged on completion of PPI claims however nothing is happening despite forwarding on all letters to invocas re ppi claims as advised
- today I recieved a summons to small claims court for the £2200 that I owe for for the car finance
- I have no extra income, I cant pay trust deed or contribute to the cost of this car finance
- I am stuck in a horrible place between invocas, PPI and car finance debt and goodness knows what NRAM will do about the shortfall of selling house for 72K when the mortgage was for 83K??
does anyone have any advice to get me out of this cycle? Can I sequestrate myself when in a trust deed? Why are invocas hanging onto me for so many years without contributions or any hope of?? Should I complain and who should I direct that to? Am I entitled to tell the court I cant afford trust deed so cant afford to pay back car finance??
any advice will be much appreciated. thanks for reading.
08/02/2013 12:12 pm
Hi pinkpig
There are 2 main points. The first is that you are unable to do anything without the Trustee's consent as they are still in office, so only they can discharge you. As a result of the non payment this is unluikely and they will probably discharge themselves and effectively hand you back all the pre Trust Deed debts.
If the car was taken after the trust deed was signed, the this is not part of the trust deed and the finance company will continue with their legal action.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
08/02/2013 12:27 pm
It does sound like sequestration would make the most sense for you, pinkpig, but as Mark says you cannot apply for it yourself whilst in a protected trust deed. I suspect that your trustee is hanging onto you while the PPI claim is made, as they will probably have costs that they will be seeking to cover using these funds.
Quickest route through this would be to try and ensure the PPi process happens as quickly as possible.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
08/02/2013 12:46 pm
Thank you for replying
